Everything is now set for the official release of new metal debit card that will issue cash-backs in cryptocurrencies. The revolutionary card, a brainchild of Revolut, will allow users to get 1% chargebacks for any amount spent, though this amount will be in cryptocurrencies.
Revolut, a London-headquartered Fintech startup that predominantly operates in Europe, will be the first to offer such a card. Moreover, speaking on behalf of the tech startup, Nikolay Storonsky said the official release of the Platinum cards would take place within the coming three months.
“It will also provide you with concierge service.” He said.
Pretty much like the £6.99-a-month Revolut’s Premium card, this debit card will be of use in such everyday services as travel insurance. Mainly, the card will have all the conveniences of a Premium card with the only difference being the cash-back.
The decision to embrace cryptos is yet another first from a tech firm that started as a no-fee foreign exchange card before allowing trading of cryptocurrency through their app in 2017. Without a doubt, it will be an excellent move for its tremendously increasing list of customers who currently stand at over 1.8 million of them with 250,000 daily active users.
Earlier, Revolut had announced a $250 million funding round earlier this week, and this pushed the overall value of the startup to over $1.7 billion. This is in sharp contrast to the value and subsequent demand for their digital currency whose value has slumped since January.
According to Storonsky, the release of this new Platinum card will be following with a couple of other developments, including wealth management and integration feature for Slack, Xero, and Quickbooks. The “secondary cards” will also be convenient in observing parental controls.
Revolut has conquered Europe and next in line of expansion is the US, Australia, Canada and Singapore and it will happen in a couple of months.